Self-Proclaimed Satoshi Planned To Sell His $50 Billion in BTC As ‘Bitcoin Has No Utility’
Self-Proclaimed Satoshi and one of its biggest whales has disclosed what he wants to do with his Bitcoin supply and why as the price of the flagship digital asset falls below the $47,000 barrier it just broke above.
Craig Wright, the self proclaimed Satoshi, who has a supply of roughly 1.1 million Bitcoin, replied to worries that he would collapse the market by selling off most of his supply, which was valued close to $50 billion at press time, in a recent interview with Kitco’s David Lin.
Concerns about what he could do with his big supply originate from a message on Slack in May 2020 by the self-proclaimed Satoshi Nakamoto, in which he stated that he planned “to sell a large volume of BTC for USD,” adding that:
“It is expected that the value will drop significantly and will be matched by a 10x leveraged short.”
Many saw this post as a threat, particularly the section where he states his plan to mount a 51% attack on the Bitcoin network at the same time.
A single individual or group gains control of the network in this circumstance, allowing them to stop and reverse transactions.
However, neither the attack nor the sell-off have occurred, indicating that Wright’s position may have shifted.
In response to a query from the presenter regarding his actual plans with his Bitcoin supply, Wright revealed that he does intend to sell it, but only when the time comes:
“If you’re talking about BTC, then yes, I’ll eventually sell it, because it has no utility.”
He went on to say that BTC will never evolve and would only be able to grow. At the same time, he praised his work on the Bitcoin Satoshi Vision (BSV) project, which he described as “valuable, more secure, faster, capable of handling everything Amazon does, and better.”
Wright also had some harsh words for the crypto market, claiming that it is “a number of bucket shop exchanges,” and that “none of them are regulated, none of them are legal, even Coinbase.”
The controversial figure also questioned the term “crypto,” which he believes is a misnomer because “there is no encryption in Bitcoin,” arguing that:
“When I designed it, it was clear text, it was actually designed not to be crypto. Mojo Nation, ecash, they were actually cryptographic protocols. Bitcoin is digital cash, so it’s anti-crypto.”
It’s worth noting that in June 2021, Ethereum creator Vitalik Butering accused Wright of lying about being the mysterious founder of the world’s largest cryptocurrency, comparing him to former US President Donald Trump and threatening to sue him through his attorneys.
Wright was also ordered to pay $43 million to a joint venture he co-founded after being found guilty by a federal court of illegally obtaining the business’s intellectual property.
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